Middleby Net Worth is$951 M Sales
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Middleby (Nasdaq: MIDD) sells ovens and other food preparation and packaging equipment. It was founded in 1888 under the Middleby Marshall Oven Company name and changed its name to The Middleby Corporation in 1985. It is headquartered in Elgin, Ill.

This small-cap company sells ovens and cookers of all types. Conveyor belt ovens, convection ovens, fryers, baking ovens, broilers, and steam cooking equipment. It also offers food preparation equipment, such as breaders, batterers, and mixers, along with packaging and food safety equipment. It sells these to restaurants of all sizes, hotels, and convenience stores.

It had been selling other items such as freezers and deli cases, but a new management team narrowed the company's focus beginning about 2000. By giving up a lot of revenue, many investors fled, but the turnaround has helped the company perform well in recent years. The higher margin ovens let the company focus on one major line, selling to such names as McDonald's, Wendy's, Subway, Papa John's and Domino's. The strategy worked, as net margin improved from low single digits in the late 1990s to about 10% today.

The company acquired its century-old primary competitor, The Blodgett Oven Company, in 2001 as part of this refocusing and then went on an intense campaign to raise sales and reduce debt. It has since acquired other competitors, both to reduce competition and to expand its own product line in its area, recently acquiring TurboChef.

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Middleby Latest News

Middleby: Odd Timing For The Big Taylor Deal

Middleby announced a large acquisition, just as the own business needs a little extra attention. The company is a serial acquirer with a great track record, yet valuations are reasonably high at this point, while organic performance is rather disappointing.
Posted: May 21, 2018, 4:27 am

The Middleby Corporation To Acquire Taylor Company

The Middleby Corporation (MIDD) today announced that it has entered into a definitive agreement to acquire the Taylor Company from UTC Climate, Controls & Security, a unit of United Technologies for $1.0 billion. Taylor is a world leader in beverage ...
Posted: May 18, 2018, 1:50 pm

BRIEF-The Middleby Corporation To Acquire Taylor Company

* MIDDLEBY CORP - TRANSACTION HAS BEEN STRUCTURED TO PROVIDE MIDDLEBY WITH A TAX STEP-UP WITH A NET PRESENT VALUE OF ABOUT $150 MILLION Source text for Eikon: Further company coverage: Our Standards:The Thomson Reuters Trust Principles.
Posted: May 18, 2018, 1:55 pm
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